April 24, 2014 / 8:22 AM / 3 years ago

Shanghai bourse plans to launch base metals index contract

HONG KONG April 24 (Reuters) - The Shanghai Futures Exchange (ShFE) plans to launch a futures contract on a base metals index as part of steps to internationalise its business, Chairman Maijun Yang said on Thursday.

ShFE is China’s biggest exchange for base metals, already trading copper, zinc, aluminium and lead.

It said last year it also has plans to trade nickel and tin. Yang did not provide a timeframe for the new contracts.

He also said ShFE’s new crude futures contract would allow foreign investors to participate, and that the bourse hoped that the new contract would gradually attract international investors to its other contracts such as base metals. (Reporting by Melanie Burton and Polly Yam; Editing by Joseph Radford)

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